For a variety of reasons, several nonprofits have undergone mergers or consolidations over the last year or so. At the same time, both the IRS and Financial Accounting Standards Board (“FASB”) have issued guidance on mergers of non-profit organizations. So, although these rules are not brand new, they are relatively new and relevant for many exempt organizations. IRS Publication 4779 describes the IRS rules and FASB Statement No. 164 (which you can access here after free registration) details the accounting rules. A thoroughly-researched summary of each is located here. For those of you with little time, I hereby summarize the requirements with brevity: (1) notify the IRS of any merger by filing a final Form 990, (2) have someone smart–preferably an accountant–explain FASB Statement No. 164 and (3) try to say “Financial Accounting Standards Board” 5 times fast.